INTRODUCTION FOR INVENTORY PLANNING, DEMAND FORECAST, AND SUPPLY CHAIN MANAGEMENT
This 2-day course provides a comprehensive exploration of inventory planning, demand forecasting, and supply chain management. Participants will gain insights into the critical components of effective inventory management, the methodologies for accurate demand forecasting, and the strategies for optimizing supply chain operations. The course combines theoretical knowledge with practical applications, enabling attendees to enhance their skills and improve their organization’s efficiency.
LEARNING OBJECTIVE
The primary objective of this course is to equip participants with the knowledge and skills necessary to manage inventory effectively, forecast demand accurately, and optimize supply chain processes. By the end of the course, attendees will be able to implement best practices that enhance operational efficiency, reduce costs, and improve customer satisfaction.
LEARNING OUTCOMES
Upon completion of the course, participants will be able to:
- Understand the key concepts and principles of inventory planning and management.
- Utilize various demand forecasting techniques to accurately predict customer demand.
- Develop effective inventory management strategies to optimize stock levels.
- Analyse supply chain processes and identify areas for improvement.
- Implement best practices in supply chain management to enhance overall efficiency.
WHO SHOULD ATTEND
This course is designed for:
- Supply chain managers and professionals involved in inventory management.
- Demand planners and analysts responsible for forecasting.
- Operations managers seeking to improve supply chain efficiency.
- Logistics and procurement professionals.
- Anyone interested in understanding the intricacies of inventory planning, demand forecasting, and supply chain management.
TRAINING METHODOLOGY
Interactive Lectures: Engaging presentations to introduce core concepts.
Group Activities: Collaborative exercises to practice skills and strategies.
Role-Playing: Simulated scenarios to develop communication and leadership abilities.
Case Studies: Real-world examples to illustrate best practices.
Feedback Sessions: Opportunities to receive constructive feedback and refine skills.
COURSE OUTLINE
INVENTORY PLANNING AND MANAGEMENT
Session 1: Introduction to Inventory Management
- Definition and importance of inventory management
- Types of inventory and their roles in supply chains
Session 2: Inventory Planning Techniques
- Economic Order Quantity (EOQ) model
- Just-In-Time (JIT) inventory management
- Safety stock calculations and reorder points
Session 3: Inventory Control Systems
- ABC analysis and inventory classification
- Cycle counting and physical inventory methods
- Technology in inventory management (WMS, RFID)
DEMAND FORECASTING
Session 4: Understanding Demand Forecasting
- Importance of accurate demand forecasting
- Types of forecasts: qualitative vs. quantitative
Session 5: Quantitative Forecasting Techniques
- Time series analysis (moving averages, exponential smoothing)
- Regression analysis for demand forecasting
- Seasonal and trend analysis
Session 6: Qualitative Forecasting Techniques
- Delphi method and expert judgment
- Market research and customer surveys
- Collaborative forecasting with stakeholders
SUPPLY CHAIN MANAGEMENT
Session 7: Overview of Supply Chain Management
- Key components of supply chain management
- The role of inventory and demand forecasting in supply chains
Session 8: Supply Chain Optimization Strategies
- Lean supply chain principles
- Risk management in supply chains
- Supplier relationship management
Session 9: Integrating Inventory and Demand Planning with Supply Chain Management
- Best practices for aligning inventory and demand planning with supply chain strategies
- Case studies of successful supply chain integration
- Tools and technologies for supply chain visibility
